PNB stock off to a poor start despite PSU bank revealing impressive numbers in Q3 updates

PNB Share Price: Punjab National Bank shares started the trading session on Wednesday (January 3, 2024) on a lower note despite the public bank revealing impressive numbers in a third-quarter update.

The stock of the PSU bank was trading by 1.67 per cent lower, or Rs 1.62, at Rs 95.40 on BSE at 9:39 am on Wednesday.

The development came on a day when the Nifty Bank index was trading lower by 0.49 per cent, or 236.10 points, at 47525.55 at 9:42 am. 

The PNB stock is down a day after the bank gave an update about the good performance of its global and local advances and deposits.

PNB Q3 Updates

In its Q3 update, PNB said that its global advances surged by 13.5 per cent year-on-year (YoY) to 9.72 lakh crore.

In the same duration, the bank's domestic advances rose by 13.9 per cent to 9.35 lakh crore. 

While its global deposits grew by 9.4 per cent to Rs 13.24 lakh crore YoY in the third quarter, its domestic deposits were up by 9.1 per cent to Rs 12.89 lakh crore.